The Paulson Recession

Today we learned that real GDP fell at an annualized 3.8% rate during the fourth quarter of 2008.

The irony of it all is that this was not necessary. Back in late September, just before the fourth quarter started, Bush's Treasury secretary Henry Paulson sounded the alarm after Lehman Brothers declared bankruptcy. Paulson claimed that if we didn't bail out the financial industry to the tune of $700 billion, we were headed to a complete freeze-up of financial markets and a depression.

I do not believe that would have been the case. Paulson having recently been the chairman of Goldman Sachs, was trying to preserve the current manifestation of the financial industry. He wanted to keep in power the same idiots who caused the crisis in the first place.

There are people who want to save and invest, and there are businesses that need financing. The two groups will find a way to meet up, even if every bank and securities firm in the country goes broke.

Paulson's fearmongering is what caused the recession. And Bush, McCain, 0bama, some of the Republicans in congress, and most of the Democrats in congress, are also to blame.